Here are some important lessons about money.

Money is not meant to be kept in a bank account, beyond your running expenses. It’s supposed to actively work for you to create wealth or to positively impact your world. Those that are wealthy and happy know this.

Money is a means to an end. The reason why many malfunction when they see money is, they never defined what their end was – what they want to use money for, beyond buying houses, cars and so on.

Money is so fleeting that a series of bad decisions can lead to it being completely spent, lost or frozen. Those who try to amass dubious generational wealth soon develop anxiety as well as legal & family problems.

When you ask people what they want to use money for, some can’t think beyond, “I will invest then start a business”. What investment? What business? They can’t really say. They’ve never strategised properly for money. Money that is not planned for will easily be spent or lost. Create a tangible money plan in your youth, then be disciplined in implementing it. You can set asides a portion for fun, without squandering the rest, if you’re focused.

My journey of investing has taught me that Nigeria is a great place to multiply wealth with little start-up capital. Because credit is difficult, many industries chase after other sources of capital. They typically provide significant gains in return for access to capital.

The reason I’m passionate about investment education (and why I created my course) is, I don’t want young people to make the same mistakes I did. I want them to invest early in life. I’m also tired of the limited investment options provided by financial institutions.

The thing is, a big opportunity for wealth in the middle class, are the spaces underserved by banks – bridge funding, crowdfunding and community funding. The individuals and institutions, who tap into this early, will never be poor. But, the institutions should lobby to prevent unreasonable regulation. Nigerian banks and government institutions can be shortsighted. If they sense a threat, they won’t hesitate to come after innovative funding models. Remember how the government tried to “regulate” social media? Institutions must protect themselves. Innovation is not enough. Product is not enough.

Another lesson about money – The worst time to look for partners is when you already have a lot of capital. It clouds your vision and makes you pay more for services or give away too much. Look for partners who help you save money. A good illustration is building a house. There are some contractors who treat your house like theirs and will help you to get the best materials at the cheapest cost, without sacrificing quality. Then, there are others who inflate costs because they feel you can afford it. In investing, the first kind of people is who you should keep around you; the penny pinchers who help you to analyse things to the tiniest detail. They are some of wealth’s best friends.

Before you start investing in an industry, spend a while learning about it and identifying the major players. It’s best to do this without the pressure of needing to deploy cash immediately.

Sometimes, how a person treats you when you don’t have money is a good indicator of whether they deserve your money.

I hope these lessons about money help!